First Impressions

You secured your purchase price with the buyer and are in contract to sell your home! Great job! The buyer's lender must determine if your property is worth that price, usually by an appraisal.

Hi, I'm Kurt Clements with eXp Realty in the far west suburbs of Chicago.

The Appraisal

First, it is essential to know what an appraisal is and how it can make or break a sale. An appraisal is a report ordered by a buyer's lender to determine the value of a property based on its characteristics and neighboring comparables. The lender wants to ensure that the property is worth the amount the buyer is financing. The appraisal is usually a contingency the buyer puts in place to acquire funding from a mortgage lender.

So, what tips can you do to enhance your home value before an appraiser assesses your property?

Curb Appeal

Number one rule of thumb: first impressions matter, and you want to showcase your property at its best from the exterior to the interior. First off is curb appeal. Curb appeal is your first chance to make that impression with the appraiser. You can enhance your property by laying new mulch, planting fresh flowers, mowing your lawn, and trimming overgrown bushes. You may even want to touch up some exterior paint or power wash.

Clean Interior

After working on the exterior, you want to ensure your interior is just as appealing. Because an appraiser will look at the home's measurements, upgrades, and overall condition and not necessarily worry about the lived-in look, it is best practice to make their job more accessible.

Having a bright and clean home will help the appraiser better understand the home's condition. Important rooms to declutter are bedrooms, bathrooms, and kitchens.

Make Minor Repairs

Maybe you need to make some minor repairs. Although an appraiser will not do a complete home inspection, they will ensure smoke detectors are installed, water heaters are braced, and appliances are working correctly. They will look at the property's overall maintenance, so be on the lookout for leaks or visible electrical issues.

Comparable Homes

Finally, they are going to look at the neighborhood comparables. They will evaluate what homes have sold recently compared to your characteristics to determine the final value.

The appraisal doesn't have to be worrisome if your home is ready and worth the price!

Your Next Move

So, if you're curious about your next move, reach out! We'll lay out all your options so you can make a confident decision that's best for you and your family.

Thanks again for watching, and as always, we're here to help, and we'll talk with you soon.